NAVY Federal (no more heloc or hel)
Today 2021-02-25 message on Navy Federal website
"Due to unprecedented market conditions, we have temporarily suspended accepting new applications for home equity loans and home equity lines of credit. This update doesn't affect applications that have already been submitted. You can track your application's progress in HomeSquad. "
Most Popular Reply
I wondered if the forbearance's might be coming in to play just yet?
The thing that makes this one different than the last meltdown is, that the lenders can control to some extent the level of foreclosures there will be. They could just put the missing payments at the end of the loan and avoid many foreclosures that way. If they take a hard stance of wanting all those payments immediately or increasing the mortgage payment by half again, for the next 24 months, that would put undue burden on to many, cause many to either sell or fall into foreclosure?
So the lenders can control their own and the markets fate?